From my limited experience with laying up carbon fiber, I know there's the raw carbon fiber cloth and there's liquid resin that you spread into the cloth. It's also very common to see carbon fiber cloth that is "pre-impregnated" - the resin is already applied to the cloth. Everyone calls this "pre-preg".
So I've seen a lot of folks online scratching their heads about "how can carbon expire?" or "my carbon fiber (bike/boat/etc.) is N-years old, is it expired?" but I think the most likely thing to expire is the resin. Once the resin is cured it is much more stable.
Any materials folks or structures engineers who want step in and correct me, please do.